KB Home Profit And Revenue Lag Estimates
KB Home said Thursday it had net income of $44 million, or 43 cents a share, in the fourth quarter, down from $852.8 million, or $8.36 a share, in the year-earlier period, which was boosted by a tax gain. Revenue rose 24% to $985.8 million. The FactSet consensus was for EPS of 50 cents and revenue of $1.068 billion. "While inclement weather and trade shortages in certain markets tempered our fourth-quarter deliveries and revenues, we have a positive rhythm in our business and substantial momentum as we enter 2016," Chief Executive Jeffrey Mezger said in a statement. The company had a backlog of $1.28 billion at the end of the quarter, up 40% from the year earlier. The number of homes in backlog rose 36% to 3,966. Shares were not yet active in premarket trade, but are down 28% in the last 12 months, while the S&P 500 is down 1.8%.
Copyright © 2016 MarketWatch, Inc.